Genesis power prices up despite record profit

Electricity user groups are questioning why State-owned electricity company Genesis Energy is increasing power prices for Wellington customers, despite posting a $99 million record profit.

They want the Government to speed up reviews into the state of the electricity market.

Prices for Wellington customers on the average household plan with Genesis will rise by about 3.3%, or $81 per year, from 11 January.

Customers on lower use plans will see a rise of 3% and prices for users on night rates will increase by 17%.

Domestic Energy Users' Network analyst Molly Melhuish says Genesis made a profit of $99 million last year and it should have dropped prices because of this.

Mrs Melhuish says the Government needs to ensure reviews by the Commerce Commission and Electricity Commission into the state of the electricity market are completed quickly, because consumers want to know why prices are rising so quickly.